GDP

What is GDP?

Watch this video describing the GDP. Pay close attention to what is included (and what is excluded) from the calculation of GDP that we use in class. You can review the lecture slides under "Measuring Output and Income" here.

Then, pick one of the alternative disciplinary perspectives below (history or sociology and public policy) and answer the reflection question.

Reflection Question: Think about the components of GDP that we learned about in class. Think about both what is and what isn't a part of GDP. Do you believe it does a good job at representing the well-being of a nation? Use evidence from your course notes and chosen alternative discipline.

History

"The Rise and Fall of GDP"

NYT article by Jon Gertner tracing providing a primer on the place that GDP has in the academic and political world today. Gertner summarizes the positions of various camps related to the efficacy of GDP as a measure of human flourishing.

Read the article here: https://www.nytimes.com/2010/05/16/magazine/16GDP-t.html

Stakeholder Capitalism: A brief history of GDP - and what could come nextGross Domestic Product (GDP) is the sum of the value of all goods and services produced in a country each year. Is it time to rethink it for a new era?

The Case Against GDP, Made By Its Own Creator - Gross National Happiness USAThe creator of GDP, Simon Kuznets, actually warned us about the limitations of GDP. We have ignored his warning at our own peril. Learn about the alternatives to GDP.

GDP: One of the Greatest Inventions of the 20th Century

A series of memos and perspectives detailing the great benefit that understanding GDP has been for societal progress.

Sociology and Public Policy

"What Wealth Happiness Paradox?"

An article from Berkley sociologist Claude S. Fischer describing the relationship between GDP per capita and the level of general happiness in the population. Is GDP bad at capturing the overall happiness level of a nation?

Read the article here: https://sociology.berkeley.edu/sites/default/files/faculty/fischer/Fischer-What%20Wealth-Happiness%20Paradox_online.pdf

Diane Coyle: innovation, intangibles, inequality, sustainability and measuring beyond GDP | podcast — Then Do BetterEconomist Diane Coyle is the Bennett Professor of Public Policy Cambridge University. She co-directs the Bennett Institute where she heads research under the themes of progress and productivity. Her work has touched innovation, technology and intangibles; sustainability, inequality and measuring bey

"Toward More Inclusive Measures of Economic Well-Being: Debates and Practices"

A summary from the International Labour Organization detailing the proposed alternatives to GDP and their relative strengths/weaknesses compared to our GDP measure.

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